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The EIA is considering favorably a Japanese proposal to import US Natural Gas to Japan, which will be a boom for the commodity, and is helping drive prices.
Today's inventory report was released seconds ago and stated:
Working gas in storage was 3,063 Bcf as of Friday, June 22, 2012, according to EIA estimates. This represents a net increase of 57 Bcf from the previous week. Stocks were 653 Bcf higher than last year at this time and 613 Bcf above the 5-year average of 2,450 Bcf. In the East Region, stocks were 288 Bcf above the 5-year average following net injections of 34 Bcf. Stocks in the Producing Region were 240 Bcf above the 5-year average of 890 Bcf after a net injection of 14 Bcf. Stocks in the West Region were 84 Bcf above the 5-year average after a net addition of 9 Bcf. At 3,063 Bcf, total working gas is above the 5-year historical range.
Gas prices immediately declined to trade at 2.705 a drop of 08. in minutes.
Prior to the release Natural Gas was trading at 2.784 off the high level of 2.91 just a day or so ago.
Earlier this week the closure of facilities in the Gulf of Mexico due to storm forecasts, helped drive the price upward. The hurricane changed course and production is back in full swing.